You are here

Financial News

Markets rallied across Asia on Friday following talks in Washington that hinted that Republican and Democrat lawmakers might be inching closer to a possible deal that would avert a self-inflicted global economic crisis. According to a report in the AP, Japan’s Nikkei 225 stock average was up 1.6%, while Hong Kong’s Hang Seng climbed by 1.3% and China’s Shanghai Composite Index rose 1.2%. (MORE: After Meeting, Obama and Republicans to Continue Talks) While congressman talked of positive steps made during their Thursday meeting with President Barack Obama, the U.S. government has less than a week to overcome its budgetary impasse and extend the federal debt ceiling to prevent a default on the country’s sovereign borrowings. [AP]

J.P. Morgan Chase and the Justice Department are still far apart on a potential multibillion-dollar pact that would resolve several probes into the bank's sales of mortgage bonds and settle potential criminal and civil charges.

Clothing exports from Bangladesh soared over the summer because global retailers expanded orders despite a string of deadly industrial accidents and concerns over the rights of workers at the country's garment factories.